By Natalie Stevens/ Blue Chip Vision
The blockchain technology has witnessed increasing popularity and fame for the past years. Having started as the back support behind cryptocurrency tradings, now it has displayed significant promise in every department of the economy as it is a tamper-proof, reliable, and secure way of recording exchanging and transactions data.
It has become the next substantial technological development after the Internet. For this reason, Blockchain Technology will have a significant impact on both digital and economic spheres.
And the first field that will feel the effects of the Blockchain Technology is the social media. The question is, how will this revolutionary technology impact social media? What kind of promises does it hold for social media?
It Can Aid In Verifying News and Information
In recent months, social media networks such as Facebook has been, for the most part, looking into and getting rid of false profiles that have published fake information or news for the past years. Surprisingly, the distributed ledger system of the Blockchain Technology can help in preventing the spread of false news in the first place.
Authenticating information, identities, and data that has been, for the most part, published, are what the Blockchain Technology holds to do. For example, the 0xcert code gives a structure for web developers to establish dapps (decentralized applications), allowing everyone to validate and deal with real-world or digital assets on the Blockchain.
Also, it can help with collecting and validating all sort of data, as information and news posted online. With all this in mind, for sure various social media platforms will consider integrating this technology for verification.
It Can Establish Better User Control System
Without a doubt, various social media channels gather a massive amount of data. Every time a social media account holder posts something, shares or likes another account holder’s post opens an advertisement on the social media channel, and every time a social media account holder accesses other sites or merely browsing the web, the information or stats go through their homepage or profile.
It’s the reason why see a lot of advertisements on the social media platform. However, how data is, for the most part, gathered and analyzed is still a mystery.
Recently, Facebook showed how user information could get exploited, shared with other people, and sold. If such a thing can lead to hacking of financial and personal information, there’s hardly anything a user can do.
Fortunately, Blockchain Technology can impede this kind of activities. With the use of a pioneering Blockchain app such as Skycoin, consumers can have the control and access of their own data and know where precisely it would go.
No other platform could control your information without your permission. Plus, the effects are significant and radical.
A user can choose who will get access to their data. With that said, they can talk directly with third parties and advertisers, and decide whether they’d share their personal information for a fee.
Improves P2P Sales and Allows Crowdfunding on Social Media
First of all, there’s no doubt that Crowdfunding has gained increasing popularity over the years to support startups, as well as to gather money for a good cause. With that said, it’s good to stress out that Blockchain Technology-powered Crowdfunding provides many benefits, such as transparency and privacy.
In fact, according to Modern Finance Chain, Initial Coin Offerings are, for the most part, established to secure the sensitive information of the investors while adhering to the anti-money laundering and know your customer regulations. Also, the distributed ledger system of the Blockchain Technology remains secure records.
If you think that many startups have raised a lot of money from ICOs, the promise for leveraging Blockchain-approved social media platforms as Crowdfunding mediums become clear. And also the potential to boost and develop P2P sales on these channels.
All you have to do is to establish the structure to accept and make payments so that you can keep a record on the contracts, and employ user verification. By doing so, you won’t need to implement and source out any verify solutions or external payment.
Many people say that blockchain is a better and more developed version of the Internet. The Blockchain Technology is, for the most part, designed to boost and improve data security and user accountability– aspects that might seem lacking in how user information is, like it or not, managed on the Internet at present. Although blockchain was, without a doubt, made for finance, notably bitcoin, it could change and revolutionize various social media platforms. And it can change how online businesses are, believe it or not, handled.
With the help of the blockchain technology, social media will, without a doubt, boost security and transparency. Its immutability will certainly make user verification much more manageable. Also, it will put a stop to identity theft because users without unvalidated identities or fake accounts will not be able to access the data. Moreover, it addresses hackers, spam bots, and malicious content.
Blockchain Technology will persuade various social media channels to better improve their payment methods, data security policy, and sharing algorithm. It is especially true for businesses that depend on social media advertising. They should know how to apply cryptocurrency transactions in their brand.
All in all, blockchain technology has revealed a revolutionary monetary period in the digital sphere. As such, for those who want to keep up, must take note and get ready for the next digital shift.
Author Bio: Natalie Stevens is a writer and a blogger. She loves to write just about anything such as business and finance, home improvement, and just recently she gains interest in the cryptocurrency world and writes for Blue Chip Vision . In her free time, Natalie spends time with her family and friends.